The Green PolkaDot Box LLC acquired 91.24% stake in Vault America, Inc. from Harold F. Schultz, Murray Schultz and others for $0.28 million.
February 10, 2012 at 12:00 am EST
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The Green PolkaDot Box LLC signed a share purchase agreement to acquire 91.24% stake in Vault America, Inc. (OTCBB:VAMA) from Harold F. Schultz, Murray Schultz and others for $0.28 million on February 2, 2012. Harold F. Schultz is the President and Chief Executive Officer of Vault America. Under the terms of the agreement, Green PolkaDot will acquire 1.04 million shares of common stock of Vault America, 460 shares of series A preferred stock and 1000 shares of series B preferred stock. Also, Green PolkaDot has deposited $25,000 with the escrow agent, as non refundable deposit and has agreed to deposit the balance of the purchase price on or before February 17, 2012 and the closing will take place contemporaneously with such payment. In the event Green PolkaDot requires an extension of time through February 29, 2012, it must inform the same in writing and wire an additional $25,000 as the Deposit Extension Fee. In the event the balance of the purchase price is not timely made, Vault America may at their discretion, cancel the purchase agreement.
The deal is expected to close by February 20, 2012. Andrea Cataneo of Sichenzia Ross Friedman Ferrence, LLP acted as legal advisor to Green PolkaDot Box. Jeffrey L. Nilsson represented Green PolkaDot Box. Vault America and Green PolkaDot appointed Jody M. Walker acted as escrow agent.
Green PolkaDot Box Incorporated is both a consumer-direct indirect distributor of non-genetically modified organisms (GMO) natural and organic foods in the United States. The Company distributes foods and merchandise indirectly through a network of independent non-stocking distributors or Health Merchants built on the GreenPolkaDotBox.com online shopping platform. The Company, through its platform, offers an array of natural, organic and specialty foods, and other products. Its product classification includes food and beverages, supplements, beauty and personal care, home, baby and kids, and pet. Its food and beverage products include baking and mixes, beverages, breads and wraps, breakfast foods, and broths and soups. Its supplements include bars and shakes, diet products, health solutions, protein, and vitamins and minerals. Its beauty and personal care products include bath and body, essential oils and aromatherapy, feminine products, hair, natural remedy, oral care and skin.